Nifty continues to face profit booking at higher levels but maintains its closing above its 5 DEMA support level of 23480 - Tradebulls Securities Pvt Ltd
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Nifty
Nifty continues to face profit booking at higher levels but maintains its closing above its 5 DEMA support level of 23480. The consecutive occurrence of narrow ranged candlestick bodies warrant caution at higher levels with an expectation of rising volatility. Indecisiveness and lack of confidence are indicated by the repeated recurrence of recent "Doji" formations. A clear breakthrough over 23560, however, would trigger some momentum play & help the index scale towards 23900. The 23280 level is currently the best place to assess the continuation of the bullish trend, while a sustained rise over 23560 may encounter additional hurdles as well. For the final leg of this series as well as upcoming series, options data shows a confident writing base around 23000 and a strong upper bound at 24000. Weekly options data for today indicates an immediate range of 23400–23600 with 23500 being the probable midpoint. Traders may utilize intraday dip towards 23280 to add longs until 23180 holds; while aggressive longs may be opted only once the index registers a firm close above 23560, for traders to pursue breakout moves towards 23900.
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